According to a recent study by Pira International, the personal care packaging market, which was worth $17.1 in 2007, is set to reach almost $21.4 billion by 2014—a 25-percent growth rate—growing by a compound annual growth rate of 4.1 percent over 2009 estimates of $17.5 billion.
The study was published in The Future of Personal Care Packaging. Researchers said the top 10 driving factors of the personal care industry are: lifestyle; anti-aging products, male grooming, fashion, luxury and super-premium, environmental, multi-functionality, health benefits, cost and economic factors, and global events.
PackagingDigest.com reported on the study, stating modern lifestyles are creating new needs in packaging, including more agility, multifunctional and user-friendly packages. Environmental issues are also on the rise and Internet-based education is helping build awareness. Environmental awareness and the move toward sustainability are driving factors for alternative packaging such as refill packaging formats.